The Sarbanes Oxley Act is incredibly complex and affects several different parts of your corporation in different ways. In order to comply properly with it, you will probably need specific targeted training for what your CEO and CFO need to know about the Sarbanes Oxley training; what your IT department will need to do; what your Board of Directors should be reviewing; and how to oversee Sarbanes Oxley training in its entirety in your business.
That's a lot of Sarbanes Oxley training. Small and large corporations both should be concerned about getting training targeted to addressing Sarbanes Oxley. With smaller companies, generalized Sarbanes Oxley training for everyone along with perhaps a specialized class or two for the IT department on SOX 404, and a class for the accounting department on how auditing and accounting procedures are affected. For larger corporations, more specialized classes may be necessary.
Suggested classes for Sarbanes Oxley training
All affected personnel in the executive, accounting, and IT departments, as well as key middle management, should get overview training on the Sarbanes Oxley Act. You might consider having this sort of class before starting specialized Sarbanes Oxley training, and following up at the end of all classes with a debriefing meeting for the same personnel, so that special concerns can be brought up and addressed at the same time for everyone.
A course on understanding section 302 of the Sarbanes Oxley Act is a must for executive management. A good course on this section will teach you the following:
What you're really certifying.
What disclosure controls and procedures are, and how they differ from internal controls.
What steps you should take immediately to implement Sarbanes Oxley.
What you should do long-term for Sarbanes Oxley.
What you should do prior to signing off on financial reports.
Your IT department will need some serious training on SOX 404, the part about your internal controls over financial reporting. IT departments have proven to be critical to providing these controls, and they will need to understand what controls they should provide, what they need to change about their current IT practices, and what new software they may need to implement.
Your accounting department will probably need Sarbanes Oxley training in a variety of different areas, including SOX 404 and intensive instruction on what kind of auditing procedures they need to implement. In addition, you should consider having a full review of your accounting and auditing practices by a professional trained in Sarbanes Oxley requirements who can examine your entire financial management procedures and determine what Sarbanes Oxley training your company will need in order to comply with these new laws.
After Sarbanes Oxley Training
As you have gathered by now, the Sarbanes Oxley Act is a very complex piece of legislation that will have a real impact on the way you do business for many years yet to come. After your initial implementation of [Sarbanes Oxley training], you should have someone in your organization taxed with keeping up with new developments, and at least consider followup training every year. The full effects of the Sarbanes Oxley Act are impossible to predict, but if you get the best Sarbanes Oxley training available right now, it should have a minimal impact on your business.
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